The bill amends various sections of the Kansas securities law to enhance the powers and responsibilities of the commissioner of insurance, particularly in relation to the establishment and publication of fees for securities registration and related activities. It allows the commissioner to set fees up to $2,500 for applications, filings, and renewals, which must be published annually in the Kansas register. Additionally, the bill removes the requirement for a 10% credit to the state general fund from the collected fees, ensuring that all fees are credited to the securities act fee fund. The amendments also streamline the filing process for registration statements and notice filings for federal covered securities, granting the administrator the authority to issue stop orders for non-compliance with fee requirements and emphasizing investor education and protection.

In addition to the securities law amendments, the bill also revises several sections of the Kansas insurance law, focusing on the licensing processes for insurance agents and the responsibilities of excess lines agents. It permits the administrator to provide interpretative opinions and issue determinations regarding actions under the act, with the option to establish a reasonable charge for these services. The bill clarifies that no liability will apply to actions taken in good faith according to the commissioner’s rules and mandates public hearings for administrative proceedings unless otherwise determined. It also specifies examination requirements for insurance agent applicants, introduces a fee structure to be published annually, and allows auto rental agencies to offer specific types of insurance related to vehicle rentals, while requiring training for agency representatives. The bill will take effect upon publication in the statute book.

Statutes affected:
As introduced: 40-241, 40-246b, 17-12a205, 17-12a302, 17-12a305, 17-12a410, 17-12a601, 17-12a605, 40-246e, 75-3170a